Zee Entertainment sinks 14% amid report of Rs 2,000-cr fund diversion

Shares of Zee Entertaiment Enterprises (ZEEL) plunged as much as 14.3 per cent to Rs 165.5 apiece on the BSE in Wednesday’s intraday trade after two negative newsflows hit investor sentiment.

First, the company has clarified that it is not involved in any negotiations with Sony Group, and that the news is factually incorrect.

On Tuesday, The Economic Times reported that Zee Entertainment and Sony Group have held discussions that may save the $10 billion merger the Japanese conglomerate had called off on January 22.